We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News GBP/JPY Price Analysis: Targeting 171.00 as the BoE Prepares To Raise Rates Further To Control the UK's Stubborn Inflation

GBP/JPY Price Analysis: Targeting 171.00 as the BoE Prepares To Raise Rates Further To Control the UK's Stubborn Inflation

GBP/JPY is anticipated to extend its rally further as the BOE appears poised to implement another rate rise. Due to labor shortages and historically high food inflation, the UK's inflation has remained extremely persistent. Following a retest of the seven-year high at 172.33, the GBP/JPY is entering a phase of inventory adjustment.

TOP1Markets Analyst
2023-05-10
7681

 GBP:JPY.png

 

During the Asian session, the GBP/JPY pair has extended its recovery rise to near 170.75. The cross aims to re-establish its weekly high above 171.00 as investors anticipate another interest rate increase from the Bank of England (BoE) to combat double-digit inflation in the United Kingdom.

 

This would be Governor Bailey's twelfth consecutive interest rate increase. As anticipated, the BoE will increase interest rates by 25 basis points (bps) to 4.50 percent. Due to labor shortages and historically high food inflation, the UK's inflation has remained extremely persistent. In addition, businesses in the United Kingdom intend to pass on the impact of increased wages to final consumers, which would exacerbate the BoE's difficulties.

 

On the front of the Japanese Yen, investors anticipate the publication of the Bank of Japan's (BoJ) Summary of Opinions, which will provide a detailed explanation for the continuation of ultra-dovish monetary policy.

 

After reaching a seven-year high of 172.33 on a weekly scale, the GBP/JPY pair is in the process of adjusting its inventory. The cross is required in order to gather fortitude for a new rally. The 10-period Exponential Moving Average (EMA) with an upward slope at 166.87 is providing support to the bulls in Pound Sterling.

 

The Relative Strength Index (14) has moved into the bullish range of 60.00-80.00, indicating the initiation of an uptrend.

 

A confident move above the previous week's high of 172.33 will help the cross reach a new seven-year high of 173.00, followed by the 25 January 2016 high of 174.18.

 

In contrast, a collapse below the low of May 09, 169.85, will further drag the asset toward the low of May 03, 169.14. A breach below the latter will further drag the asset toward the 168.00-point low of 5 May.


Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free